In this comment on Fortin (1996), the authors argue that the sluggishness in economic activity in Canada in the 1990s is better explained by a combination of factors than by monetary policy alone. They find that: (1) it is difficult to explain the sluggishness on the basis of the historical relationship between monetary conditions and real activity; (2) Fortin's evidence of downward nominal wage rigidity is seriously overstated; (3) there are several reasons why technological change may have had a larger impact on employment in Canada in the 1990s than in the United States; and (4) the build-up of government debt in the 1980s and 1990s was much more than a cyclical problem associated with monetary policy.
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Volume (Year): 31 (1998) Issue (Month): 3 (August) Pages: 646-665 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
Paul Jenkins & Brian O'Reilly, 2001.
"Monetary Policy and the Economic Well-being of Canadians,"
The Review of Economic Performance and Social Progress,
in: Andrew Sharpe, Executive Director & France St-Hilaire, Vice-President , Research & Keith Banting, Di (ed.), The Review of Economic Performance and Social Progress 2001: The Longest Decade: Canada in the 1990s, volume 1
Centre for the Study of Living Standards & The Institutute for Research on Public Policy.
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